# in the matter of Lakshmi Transcon Private Limited

> NCLT judgment dated 2024-03-28. Citation: TCN-2024-NCLT-01917. The case involves an application filed by the Resolution Professional (RP) under Section 60(5)…

- **Court:** NCLT
- **Order date:** 28 Mar 2024
- **Citation:** TCN-2024-NCLT-01917
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lakshmi-transcon-private-limited-98338995

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 60(5) and 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of M/s. Lakshmi Transcon Private Limited (Corporate Debtor). A resolution plan submitted by Mr. OWK Madhu Manohara Rao was previously approved by the Tribunal on 07.07.2023. A Monitoring Committee was established, including representatives from Financial Creditors, SRA, and the RP. The SRA failed to make payments as per the approved resolution plan, leading to the current application for liquidation.

## Facts

Arvensis Energy Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Lakshmi Transcon Private Limited. A resolution plan submitted by OWK Madhu Manohara Rao was approved on 07.07.2023. The approved plan required the SRA (Successful Resolution Applicant) to make payments in four installments within 90 days from the effective date (12.07.2023). The SRA failed to make payments as per the approved resolution plan. The SRA filed an application (IA No.1653/2023) seeking condonation of delay, which was dismissed. The Monitoring Agent scheduled a meeting with financial creditors on 05.12.2023, where resolutions were passed with 91.40% approval, allowing the SRA to pay the outstanding balance by 13.12.2023. The SRA remitted Rs.73,58,462/- as

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor due to the …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code (IBC) allows the Adjudicating Authority

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**Reasoning:** The SRA failed to adhere to the payment schedule outlined in the approved resolution

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**Interpretation:** Section 33 of the IBC provides the legal basis for ordering liquidation when a

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**Application:** The SRA's failure to make payments as per the approved resolution plan, coupled

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Arvensis Energy…
- **Respondents:** Lakshmi Transcon…

## Timeline

- **2023-07-07 — Approval of Resolution…**: The Tribunal approved the Resolution plan vide IANo.411/2023 submitted by Mr.OWK Madhu…
- **2023-07-12 — Effective Date of…**: Effective date for payment of installments…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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